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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Net Deferred Tax Assets and Liabilities

The components of the net deferred tax assets and liabilities as of December 31, 2024 and 2023, consist of the following:

 Schedule of Components of Net Deferred Tax Assets and Liabilities

		2024				2023
		(in thousands)
Deferred tax assets:		December 31,
		2024				2023
Net operating losses		$	29,001			$	25,114
Research and Development costs			3,914				3,517
Stock Compensation			1,515				1,479
R&D credits			2,829				1,376
Other			41				137
Amortization & Depreciation			5,575				6,791
Right of use asset			4				6
Total deferred tax assets			42,879				38,420
Less: Valuation allowance			(42,879	)			(36,816	)
Deferred tax assets, net		$	—			$	1,604

Schedule of Effective Tax Rate and Statutory Tax Rate

Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate is as follows (in thousands):

 Schedule of Effective Tax Rate and Statutory Tax Rate

Pre Tax Book Loss		$	(17,320	)
Federal Rate			(3,637	)			21.0	%
State Taxes			(1,321	)			7.63	%
Other Perms			1				-0.01	%
RTP			396				-2.29	%
Income Tax Income			459				-2.65	%
State Rate Change			149				-0.86	%
162(m)			126				-0.73	%
R&D credits			(969	)			5.59	%
Mark to Market			(163	)			0.94	%
R&D credit addback			261				-1.51	%
Loss on Fair Value Warrants			131				-0.76	%
Other			108				-0.62	%
Valuation Allowance			4,459				-25.75	%
Total		$	—				-0.0	%

The Company files tax returns in the U.S., Florida and New Jersey. As of December 31, 2024, tax years for 2023, 2022, and 2021 are still subject to examination by the tax authorities. The Company is no longer subject to U.S. federal or state examinations by tax authorities for years before 2021.

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- References

No definition available.

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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